By Glen Hallick, MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) settled lower on Wednesday, after prices bounced back and forth either side of steady.
Pressure came from significant losses in Chicago soyoil, as well as lower European rapeseed. After incurring large declines earlier, Malaysian palm oil made gains in its off session. Additional support came from higher Chicago soybeans and soymeal.
Choppiness in global crude oil prices pushed vegetable oils up and down today. Crude is now slightly higher, offering some support to veg oils.
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Good crop development on the Prairies was weighing on canola values as well.
At mid-afternoon, the Canadian dollar pushed higher after the Bank of Canada hiked its key interest rate by a full point to 2.5 per cent. The loonie climbed to 77.15 U.S. cents, compared to Tuesday’s close 76.83.
There were 20,114 contracts traded on Wednesday, which compares with Tuesday when 14,399 contracts changed hands. Spreading accounted for 11,120 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 829.90 dn 4.50
Jan 837.70 dn 3.60
Mar 845.20 dn 2.50
May 850.80 dn 1.40
SOYBEAN futures at the Chicago Board of Trade (CBOT) were higher on Wednesday, regaining a portion of yesterday’s sharp losses.
China reported that its June soybean imports came to 8.3 million tonnes, down 23 per cent compared to June 2021.
Abiove bumped up its estimate of the 2021/22 soybean harvest in Brazil by 0.2 per cent at 125.8 million tonnes.
ANEC projected Brazil soybean exports for July to reach 7.97 million tonnes, along with 2.17 million tonnes of soymeal.
CORN futures were higher on Wednesday, in sympathy with soybeans.
Hot, dry weather is forecast for the United States Corn Belt just as the corn begins to pollinate. However, the Eastern Corn Belt could get some rain in the next few days.
The U.S. Energy Information Administration (EIA) reported ethanol production for the week ended July 8 averaged a pinch more than one million barrels per day, down 3.7 per cent from the previous week.
AgRural pegged the harvest of the safrinha corn in Brazil at more than 40 per cent complete, advancing 10 points on the week.
ANEC forecast Brazil corn exports for July to be 6.25 million tonnes.
WHEAT futures gave up early gains on Wednesday to close lower.
Talks between Russia, Ukraine, Turkey and the United Nations resumed today, attempting to negotiate an agreement to allow Ukrainian grain to be exported from Odesa.
French soft wheat exports outside of the European Union are projected to hit 10.3 million tonnes in 2022/23, which would be a three-year high.
Taiwan bought 43,545 tonnes of milling wheat from the U.S.
Japan failed to receive any offers for its tender for 70,760 tonnes of wheat and 39,190 tonnes of barley.
